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Crypto.com slapped with advert ban by UK watchdog

Bitcoin

The UK’s advertising watchdog has banned two “misleading” ads by , as its campaign against digital assets continues.

The first advert appeared on the Daily Mail app in September and read “buy Bitcoin with credit card instantly” while the second appeared on the Love Ball app in July and told readers they could “earn up to 3.5 per cent per annum.” The number in the text increased to “8.5 per cent.”

In its ruling the Advertising Standards Agency accused of misleading the public by failing to communicate risk, irresponsibly taking advantage of investor inexperience and failing to convey how the 8.5 per cent figure was calculated.

“The fact that cryptocurrency was unregulated we considered to be material information that consumers required in order to make informed decisions about ’s service, and should have been made clear in the ad,” the ASA said in a statement released today.

“Because neither the ads (a) and (b), nor the landing pages from them, included any risk warning making consumers aware that cryptocurrency could go down as well as up, or that the cryptocurrency was unregulated in the UK, we concluded that the ads were misleading,” the statement continued.

joins firms including Arsenal Football Club, Papa John’s and who have received a slap on the wrist from the advertising watchdog in recent months.

The crypto platform has been pursuing a high profile marketing strategy as it seeks to catapult digital assets into the mainstream.

has announced it will join exchange FTX to run the first crypto adverts during the Super Bowl.  It comes after the Singapore based crypto platform agreed a $700m 20-year-deal to give it naming rights of the Staples Center in Los Angeles.

Read more: and FTX to run first Super Bowl crypto ads

The post slapped with advert ban by UK watchdog appeared first on CityAM.

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